The purpose of this research is to analyze the effects of aerobic exercise on body composition, cardiopulmonary function, serum lipid level and antioxidants of obese and normal college female students. The subject group was made up of 13 normal students (below 30% body fat ratio) and 12 obese students (above 30% body fat ratio). After a pretest, the subjects were given an 8-week aerobic program. Then the subjects were given a posttest and analyzed of body composition, serum lipid level, antioxidants and cardiopulmonary function after the 6th and the 8th week of the program. The program schedule was made up of 4 days per week, 60 minutes per day. Test includes B.W., subscapular and triceps subcutaneous fat thickness, change of respiratory gas, and two blood sampling before treadmill exercise and post all out state, which analyzed serum lipid and antioxidants. The subjects performed treadmill exercise starting with 4km/hr of walking and then gradually increase the speed of 1km/hr per minute until all out state. The obtained data were analyzed using SAS program. The statistical methods employed here were one-way ANOVA with repeated measure, Duncan Multiple range test, paired-t test and t-test. The test results and conclusion of this research were as follows. 1. The effects of aerobic exercise on body composition were as follows ; Percent body fat was significantly reduced 6 weeks after the program and lean body mass was significantly increased 8 weeks after the program in both groups(obese group: F=3.44 P=.044, normal group: F=3.30 P=.048). subscapular skinfold of the obese group showed a remarkable decrease after the 6th week(F=4.33 P=.021) triceps skinfold of the normal group showed a remarkable decrease after the 6th and the 8th week(F=4.55 P=.017) compared with readings before the aerobic program, the aerobic program made a bigger difference concerning body fat, lean body mass, subscapular skinfold in the obese group than in the normal group(t=2.41 P=.024, t=2.40 p=.025, t=2.43 p=.028). 2. The effects of aerobic exercise on cardiopulmonary function were as follows ; Maximal $O_2$ uptake/kg was significantly increased 6 weeks after the program in the obese group(F=3.20 P=.054), but not much difference was observed in the normal group. Maximal pulse rate was significantly reduced in both groups after 6 weeks of the program(obese group: F=2.77 P=.087, normal group: F=7.17 P=.001). 3. The effects of aerobic exercise on serum lipid level were as follows ; In a resting period, total cholesterol, Triglyceride, and LDL-cholesterol were slightly higher in the obese group than in the normal group, but HDL-cholesterol was higher in the normal group. But, with the aerobic program, total-cholesterol, Triglyceride, LDL-cholesterol were reduced gradually and HDL-choleterol got increased in both groups, but not much change was noticed in the normal group. However, in the obese group, serum HDL-cholesterol level got increased significantly(F=5.12 P=.012). 4. The effects of aerobic exercise in serum antioxidants were as follows ; In a resting period, the obese group's serum Free Radical and GSSG content were higher than the normal group's and the normal group's serum GSH content was higher than the obese group's. After 6 weeks of the aerobic program, Free Radical was reduced significantly in both groups(obese group: F=13.87 P=.000, normal group: F=18.60 P=.000) In the obese group, 8 weeks after the program, GSH was increased significantly(F=13.78, P=.000). In the normal group, 6 weeks after the program, GSH was reduced but increased again after 8 weeks(F=6.07 P=.005). Plasma GSSG was significantly increased after 8 weeks of exercise in both groups(obese group: F=19.75 P=.000, normal group: F=22.42 P=.000,) Compared with readings before the aerobic program, the aerobic program made a bigger difference serum GSH in the normal group than in the obese group(t=3.37 p=.003). As this result shows, it is known that the regular aerobic exercise improves cardiopulmonary function, body composition, serum lipid effectively and through the serum Free Radical reduction and antioxidant system activation, oxidant stress was suppressed. This effect was higher in the obese group than in the normal one. At least 6weeks exercise period need for improvement of body composition, cardiopulmonary function and activation of antioxidant system. This result suggest that improvement of serum lipid profile was needed longer than 8weeks exercise period.